CALGARY, Alta. — Provident Energy has taken ownership of two-thirds of oilfield hauling fleet Three Star Trucking in a deal worth about $20 million.
Three Star Trucking is based in Alida, Sask. and operates in Saskatchewan, Manitoba and North Dakota hauling crude oil and other oilfield-related liquids.
“The acquisition of this two-thirds interest in Three Star expands Provident’s logistics footprint in the Bakken area, one of the most exciting resource plays in North America, and creates a strong partnership with a highly regarded and growing player in the industry,” announced Doug Haughey, president and CEO of Provident Energy.
Three Star Trucking operates 170 tractors and 160 trailers. Provident said the acquisition will also allow it to expand its NGL and diluent logistics services businesses.
The deal is expected to close on or before Oct. 1, and Provident has the option of buying the remainder of the company after three years.
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